As a business owner, there are so many things that you have to think about on a day to day basis that legal concerns might be on the backburner until something comes up. Because you never want to have to worry about legal issues on top of everything else, it’s a good idea to retain outside legal counsel for your business. Outsourcing legal counsel for your company is beneficial for many reasons, particularly if you are just getting started. So why does your business need to retain outside legal counsel like what we provide? Let’s discuss some of the advantages.
1. Minimize legal risks
Whether you are just getting your business set up or have been up and running for a decade, it’s never too early or too late for a legal problem to arise. It might even catch you when it’s untimely. By retaining ongoing outside legal counsel, you have the benefit of a legal team that cannot only look out for all of the problems that could arise before they even happen, but will also be on alert for anything specific to your growing company. When you’re running a business, it’s easy to miss things that could cause legal trouble down the road. Avoid this issue by outsourcing a legal team who can assist your company every step of the way.
2. Control costs
Legal problems are expensive, particularly those that end up leading to litigation. Although you may not have the resources for maintaining a full-time legal department within your company, you can obtain the same type of attentive legal guidance by hiring ongoing legal counsel. There are several ways that retaining outside legal counsel can help keep costs to a minimum. For example, attorneys bill time in several different ways. You can have the option of paying for a flat rate, paying a certain amount up front, or paying by the hour. Alternatively, you save money in the long run because you don’t have to pay for a new attorney to get up to speed on your company’s needs every time something happens. It’s also as if you have your own lawyer without having to pay for the costs associated with a full-time employee.
3. Familiarity with your business’s unique needs
It goes without saying that in order for a lawyer to be effective at representation, they need to be familiar with the ins and outs of your company. If you choose to only hire a lawyer for certain legal issues and not others, it can be costlier and more time-consuming to make sure they are up to speed on everything related to the current issue. By maintaining ongoing legal counsel, you have the benefit of a go-to attorney that intimately knows the ongoings of your business. This is particularly true for startups, because resources are scarce and growth isn’t guaranteed.
4. Stay focused on your business
As we’ve mentioned, business owners are busy and legal problems are rampant. That’s why when you retain an outside legal team, you don’t have to worry about all of the things that can go wrong legally. Instead, you can focus on what really needs your attention, like growing your business and helping your employees.
Running a business is tough. There are so many risks you have to take and tough choices you have to make. But don’t let what to do about legal risks be one of them. Instead, let your outside legal counsel worry about everything associated with the law so you can do your job more efficiently and effectively.
For over 40 years, Jack Sturgill has served as outside legal counsel for Maryland businesses, and knows what it takes to keep a business running effectively and within the confines of the law. We’ll take the time to get to know your business and work with you to help keep everything running smoothly. If you have a business and want to know how we can help you, please don’t hesitate to contact us today!